News

Apple has successfully negotiated lower card transaction fees for its upcoming mobile payment system, according to Bank Innovation. The Cupertino company has reportedly reached deals with American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America. Apparently, Apple has convinced the financial institutions to consider the mobile payments as “card present” transactions, and has settled on a reduced “card present” rate, as well. Apple’s Touch ID feature and a secure NFC chip reportedly enable the company to assume some of the fraud risk, and Apple has agreed to accept all cards from the issuers, thus helping to secure those discounted rates. [via 9to5Mac]